The Law of Property Act 1925 is amended as follows.
In section 2—
in subsection (1), in paragraph (ii)—
for the words “trustees for sale” substitute
for the words “the statutory requirements respecting the payment of capital money arising under a disposition upon trust for sale” substitute
after that subsection insert—
An equitable interest in land subject to a trust of land which remains in, or is to revert to, the settlor shall (subject to any contrary intention) be overreached by the conveyance if it would be so overreached were it an interest under the trust.
in subsection (2)—
for the words “a trust for sale” substitute
for the words “under the trust for sale or the powers conferred on the trustees for sale” substitute
for the words “to the trust for sale” substitute
In section 3(1)(c), for the words “Where the legal estate affected is neither settled land nor vested in trustees for sale” substitute
In section 16—
in subsection (2), for the words “pursuant to a trust for sale” substitute
in subsection (6), for the words “trustee for sale” substitute
In section 18—
in subsection (1)—
after the word “settled” insert
for the words “trustee for sale” substitute
in subsection (2)(b), for the words “of the land or of the proceeds of sale” substitute
In section 22(2)—
for the words “held on trust for sale” substitute
for the words “under the trust for sale or under the powers vested in the trustees for sale” substitute
and, in accordance with the amendments made by paragraphs (a) and (b), in the sidenote of section 22, for the words “on trust for sale” substitute
For section 24 substitute—
The persons having power to appoint new trustees of land shall be bound to appoint the same persons (if any) who are for the time being trustees of any trust of the proceeds of sale of the land. A purchaser shall not be concerned to see that subsection (1) of this section has been complied with. This section applies whether the trust of land and the trust of proceeds of sale are created, or arise, before or after the commencement of this Act.
In section 27—
for subsection (1) substitute—
A purchaser of a legal estate from trustees of land shall not be concerned with the trusts affecting the land, the net income of the land or the proceeds of sale of the land whether or not those trusts are declared by the same instrument as that by which the trust of land is created.
in subsection (2)—
for the words “trust for sale” substitute
for the words “the settlement of the net proceeds” substitute
for the words “trustees for sale” substitute
In section 33—
for the words “trustees for sale” substitute
for the words “on trust for sale” substitute
In section 39(4), for the words “trusts for sale” substitute
In section 42—
in subsection (1)(a), for the words “trust for sale” substitute
in subsection (2)—
in paragraph (a), for the words “a conveyance on trust for sale” substitute
in paragraph (b), for the words “on trust for sale” substitute
In section 66(2), for the words “trustee for sale” substitute
In section 102(1)—
for the words “share in the proceeds of sale of the land and in the rents and profits thereof until sale” substitute
for the words “trustees for sale” substitute
In section 131, after the words “but for this section” insert
In section 137—
in subsection (2)(ii), for the words “the proceeds of sale of land” onwards substitute
in subsection (5), for the words “held on trust for sale” substitute
In section 153(6)(ii), for the words “in trust for sale” substitute